• Splash starts tender offer on July 18

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    SPLASH Corp., maker of local cosmetic products and owner of Barrio Fiesta Manufacturing Corp., on Friday said it would commence its tender offer on Monday (July 18), following its move to delist from the Philippine Stock Exchange.

    In a disclosure to the local bourse, Splash (stock symbol: SPH) said the tender offer shall run for 45 business days from 9:30 a.m. of July 18 to 12 p.m. of September 20, 2016.

    “The tender offer period may be extended by the Company subject to prior approval of the SEC [Securities and Exchange Commission],” Splash said in its petition for voluntary delisting before the PSE on Thursday.

    As of July 5, the common shares to be bought back via tender offer stand at 158.4 million shares representing 26.66 percent of the company’s outstanding common stock.

    The tender offer is priced at P3.10 apiece or an aggregate price of P491.192 million, with brokerage Unicapital Securities Inc. as the tender offer agent.

    “Upon the completion of the tender offer, the Company respectfully prays that the shares of the Company be delisted from the PSE effective October 7, 2016,” the firm’s petition read.

    A tender offer is a process by which a corporation gives its minority shareholders the opportunity to exit from the company, as minority shares are extremely difficult to sell if sold individually.

    Splash is known for its whitening and exfoliating products like Maxi-Peel, Extraderm, and Skin White, its hair care products like Kolours and Vitresse, and its coconut oil-based beauty products like Biolink and TheraHerb VCO.

    In a meeting last Monday, the company’s board of directors unanimously voted to delist Splash from the local bourse, citing low trading volume for the last two years and the response of the investing public to its ongoing buyback program.

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